Investment projects approved by the Board of Investments (BOI) in January and February increased by 402.3 percent to P131.6 billion from P26 billion a year ago, which the agency attributed to continued investor optimism.
“The sound policies of the government and strong investor sentiment continue to fuel the growth momentum of the economy as we continue to generate projects and create more jobs for our countrymen,” Trade Secretary and BOI Chairman Ramon Lopez said in a statement on Monday.
According to him, the government could reach its target of P680 billion in committed investments this year after hitting P617 billion in 2017.
“There were so many prospects late last year that, after seeing unprecedented growth, they (investors) finally decided to roll out new investments, and other firms remain bullish [on]their expansion to take advantage of the expansive economy,” Lopez said.
Trade Undersecretary and BOI Managing Head Ceferino Rodolfo credited the government’s “Build, Build, Build” infrastructure program for the momentum of this growth.
The program prompted the agency to approve projects to address its needs, according to him.
“The power requirements are enormous. So are the construction part, which leads to more cement production and the expansion of transport facilities,” Rodolfo said.
Projects approved last month were in the power, cement and air transportation sectors, he added.
These are Solar Philippine Commercial Rooftop’s five solar-power facilities worth P60 billion; Ionic Cementworks Industries Inc.’s P12-billion plant in Pagbilao town, Quezon province;
Metro Iloilo Hospital and Medical Center Inc.’s P620-million hospital in Iloilo City’s Jaro district; and Mabuhay Maritime Express Transport Inc.’s P602-million project to operate a high-speed passenger ship that would ply the Kalibo-Boracay route in Aklan province.
“Our policy has always been to ensure the migration of investments from the National Capital Region to other regions. This is a deliberate policy to ensure that growth is inclusive,” Lopez said.